Bosses behind high street chains Peacocks and Jane Norman have revealed plans to open at least 100 new stores in the next two years following soaring profits.
Parent company Edinburgh Woollen Mill, owned by Cumbria-based entrepreneur Philip Day, saw profits before tax jump 25% to £71.3 million in the year to the start of March, despite sales falling 2.7% to £551.9 million. A £5.7 million dividend was paid to an employee benefit trust, but it is unclear who will benefit from the trust.
Steve Simpson, commercial director of the group, said control of costs for basic supplies, particularly cashmere, wool and cotton, as well as “relentless focus on product quality, value for money and customer experience” had helped boost profits.
Peacocks, the budget fashion chain, increased total sales by 4% to £324.9 million. Jane Norman’s future is in doubt after it was put into administration this year.
